Powerball jackpot grows to $422 million, eighth largest ever

Reuters

Reuters

Photo:

(Reuters) - The Powerball jackpot grew to $422 million before an 11 p.m. EDT drawing on Wednesday, making it the eighth largest in the game's history and the 11th-biggest lottery prize ever in the United States.

The jackpot amount has now rolled over 22 times since it was reset to its starting sum of $40 million for a drawing on May 11, lottery officials said.

The Powerball game is based on lottery tickets sold for $2 apiece. It is played in 44 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

A winning ticket will be worth an estimated payout of $422 million if spread over 30 years, or the winner may opt for a lump-sum payment of $291.8 million before federal taxes.

The Wednesday draw comes about 2-1/2 months after a $429.6 million winning Powerball ticket was sold in New Jersey and two weeks after a $540 million Mega Millions lottery jackpot was clinched in Indiana.

The largest all-time lottery prize offered in North America was a Powerball jackpot worth nearly $1.6 billion for winning tickets sold in California, Tennessee and Florida in January of this year.